Victory Capital Management Inc. grew its stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 15.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,155,871 shares of the company's stock after buying an additional 944,340 shares during the period. Victory Capital Management Inc. owned 1.28% of Valley National Bancorp worth $63,616,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Balyasny Asset Management L.P. acquired a new position in shares of Valley National Bancorp during the 4th quarter valued at $74,558,000. Wellington Management Group LLP lifted its holdings in shares of Valley National Bancorp by 90.2% during the 4th quarter. Wellington Management Group LLP now owns 17,059,328 shares of the company's stock valued at $154,558,000 after acquiring an additional 8,088,466 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Valley National Bancorp by 9.2% during the 4th quarter. Vanguard Group Inc. now owns 50,002,161 shares of the company's stock valued at $453,020,000 after acquiring an additional 4,204,651 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Valley National Bancorp during the 1st quarter valued at $32,286,000. Finally, Norges Bank acquired a new position in shares of Valley National Bancorp during the 4th quarter valued at $31,490,000. 61.00% of the stock is owned by hedge funds and other institutional investors.
Valley National Bancorp Price Performance
Shares of NASDAQ:VLY traded up $0.05 during midday trading on Friday, reaching $9.51. 6,547,803 shares of the company's stock were exchanged, compared to its average volume of 8,048,529. The company's 50 day simple moving average is $9.03 and its two-hundred day simple moving average is $9.09. The firm has a market capitalization of $5.33 billion, a PE ratio of 13.78 and a beta of 1.06. Valley National Bancorp has a 12 month low of $7.18 and a 12 month high of $11.10. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Valley National Bancorp had a net margin of 11.03% and a return on equity of 5.12%. The firm had revenue of $479.67 million for the quarter, compared to the consensus estimate of $483.98 million. During the same period in the prior year, the business earned $0.19 earnings per share. Equities research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.
Valley National Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend was Friday, June 13th. Valley National Bancorp's dividend payout ratio is 63.77%.
Analyst Upgrades and Downgrades
VLY has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of Valley National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price objective on the stock. Piper Sandler upgraded shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price objective on the stock in a report on Monday, March 24th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $10.00 to $11.00 in a report on Thursday, July 3rd. Truist Financial began coverage on shares of Valley National Bancorp in a research report on Tuesday, May 13th. They issued a "hold" rating and a $10.00 target price for the company. Finally, Wall Street Zen downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $10.73.
Check Out Our Latest Research Report on VLY
Valley National Bancorp Profile
(
Free Report)
Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.
Featured Stories
Before you consider Valley National Bancorp, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Valley National Bancorp wasn't on the list.
While Valley National Bancorp currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
